Real Estate Terms & It's Meaning (I)

Kalpesh Shah 

http://aasharealtor.blogspot.com

Insured Mortgage

A mortgage that is protected by private mortgage insurance. If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.

Interest

The fee charged for borrowing money.

Interest Only Loan
A loan where only the interest is repaid throughout the course of the loan. The original amount is repaid at the end of the term of the loan, rolled over by the same bank or the owner re-mortgages.

Interest Rate
The rate of interest in effect for the monthly payment due.

Introductory Loan
A loan offered at a reduced rate for an introductory period to new borrowers.

Investment Property
A property that is not occupied by the owner, but provides a return to the owner through letting or leasing to a tenant.

 Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

Real Estate Terms & it's Meaning (H)

Neeta Shah  

http://aasharealtor.blogspot.com

 Habitable

Suitable for occupancy. Local building codes ensure that structures are habitable through requirements for building permits and certificates of occupancy.

Home Equity Line of Credit
A mortgage loan which allows the borrower to obtain multiple advances of the loan proceeds up to a specified percentage of the borrower’s equity in a property.

Home Improvement Loan
A loan made to a homeowner in which the home is used as collateral for the loan.

Home Inspection.
A thorough inspection that evaluates the structural and mechanical condition of a property.

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

Estamping It's Features and Benifits

Neeta Shah

                                    http://aasharealtor.blogspot.com

Q.  What is e-Stamping? A. e-Stamping is a computer based application and a secured  electronic way of stamping documents. It’s an electronic way  of paying stamp duty to the  Government. Q.  What are the features of E-Stamping : A. On-line Stamp Duty Certificate can be generated within  minutes Stamp Certificate generated is tamper proof Its a secured electronic payment gateway to the Government Authenticity of the Certificate can be checked through its  inquiry module. Stamp Certificate generated has a Unique Identification  Number (UIN).Specific denomination is not required. Q.  What are the benefits of E-Stamping?       A. Easy accessibility and faster processing Security, Cost savings, User friendly, Hassle free maintenance Q.  What is Unique Identification Number (UIN) ?       A. UIN is a Stamp Certificate number mentioned on the Stamp Certificate. Anybody, having the Unique Identification  number, can check the authenticity of the Certificate through www.shcilestamp.com .  Q.   What is a CRA?       A. CRA stands for Central Record Keeping Agency. STOCK  HOLDING CORPORATION OF INDIA LIMITED (SHCIL) is the  only CRA appointed by the Government of India. Q.  What is the role of CRA?       A.  The Central Record Keeping Agency is responsible for User Registration, Imprest Balance Administration and overall E- Stamping Application Operations and Maintenance. CRA will  appoint ACC’s and Travelling Vendors who will issue  Certificates to the clients at their counters. Q. What do you mean by ACC? A.  ACC menas Authorised Collection Centre (ACC). Its an  agent appointed by SHCIL. ACC is the intermediary between  the CRA and Stamp Duty payer. Q. Who can become ACCs? A. Bank & Financial Institutions, Law firms, Chartered  Accountant Firms, Professionals Q. What is Registration process of ACC? A.  ACC should submit the application form along with the  necessary proofs as mentioned in the application form. ACCs  need to pay a nominal registration fee and interest free  security deposit. ACCs need to maintain a running imprest  balance. Q. How will I get a Stamp Certificate? A.  The client has to approach an ACC appointed by SHCIL and  fill up  the application form as prescribed in the e-Stamping  system. Stamp Certificate is generated only after realization of  funds. Q. When will I get the Stamp Certificate from ACC? A. After submitting a duly filled application form, the ACC will  enter the details into the system and a Stamp Certificate  would be generated immediately in case of cash and in case of  Cheque/ Demand Draft/ Pay order only after realization of  funds. Q. After generating the Certificate, can I cancel the Stamp  Certificate? A.  For cancellation you need to get in touch with the  Competent Authority at the Stamp Office appointed by the  State Government.

  

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

Real Estate Terms and it's meaning (G)

Kalpesh Shah

http://aasharealtor.blogspot.com

 Gable

The triangular part of a building’s end wall which extends up to meet the 

two slopes of a roof.

Garnishee

The legally divert part or whole of someone’s money or property to someone 

else, eg: for Child Support Payment.

Gearing

The ratio of your own money and borrowed funds for investment.

Gross Income

Income before taxes are deducted.

Guarantor

A person who agrees to indemnify the holder of a loan all or a portion of the 

unpaid principal balance in case of default by the borrower

Contact :  Aasha Realtors :

Office :- 022 - 2895 32 32 / 022 - 2894 87 47 /  022 - 28906363

Mobile :-Neeta- 9821411063 

Skype Id :- neeta.shah30 

Email:  neeta@aasharealtors.co.in

Blog:  http://aasharealtor.blogspot.com

Web:  www.aasharealtors.co.in

Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai – 400103, India

Real Estate Terms And It's Meaning (F)

Kalpesh Shah

http://aasharealtor.blogspot.com

Fair Credit Reporting Act

A consumer protection law that regulates the disclosure of consumer credit 

reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one’s credit record.

Fee Simple
The greatest possible interest a person can have in real estate.

Fibro Cement
Building material made of compressed fibres cemented into rigid sheets.

FID
Financial Institutions Duty. State duty on the receipts of financial institutions.

Fiduciary
A person who essentially holds the character of a trustee. Real Estate agents and salespersons are considered by law to be fiduciaries, thus they have a duty to act primarily for the benefit of the principal (the person who employed them) and not their own. A fiduciary must act with the highest degree of care and good faith in relations with the principal and on the principal’s business. Penalties for failing in fiduciary duties may be quite severe.

First Mortgage
A mortgage that is the primary lien against a property.

Fittings
Objects that can be removed from a property without causing damage to it.

Fixed Instalment
The monthly payment due on a mortgage loan. The fixed instalment includes payment of both principal and interest.

Fixed Rate Mortgage
A mortgage in which the interest rate does not change during the term of the loan.

Fixtures
Fixed items that cannot be removed without damaging either the property or the fixture itself, eg: cupboards.

Footing
The footing supports the building on its foundation.

Foreclosure
The legal process by which a borrower in default under a mortgage is deprived of his or her interest in the mortgaged property. This usually results in the selling the property by auction and the proceeds being used to service the mortgage debt.

Freehold
An estate in real property which continues for an indefinite period of time. Freehold estates may be inheritable or non-inheritable. Inheritable estates include the fee simple absolute, the qualified fee, and the fee tail. Non-inheritable estates include various life estates which are created by acts of parties, such as an ordinary life estate, or by operation of law.

For More Details Please Contact Office :- 2895 32 32 / 2894 87 47 Fax :- 2890 63 63 Mobile :-Neeta- 9821411063 
Skype Id:- neeta.shah30 
Email: neeta@aasharealtors.co.in 
Blog: http://aasharealtor.blogspot.com
Web: www.aasharealtors.co.in
Shop No. 2 & 11 , Shailesh Apartments, Borivali West, Mumbai - 400103.